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I need help figuring out how to find the ending inventory using the lower-of-cost-or-market method: Lower-of-Cost-or-Net Realizable Value Method The following data are taken from
I need help figuring out how to find the ending inventory using the lower-of-cost-or-market method:
Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Simpson Corporation's inventory accounts: Net Item Unit Realizable Code Quantity Cost Value Product 1 ZKE 150 $72 ZKF 350 83 Product 2 MNJ 450 72 MNS 250 83 87 Calculate the value of the company's ending inventory using the lower-of-cost-or-market method applied to each item of inventory. Applying the lower-of-cost-or-market method to each item of the inventory results in an ending inventory amount of $ CheckStep by Step Solution
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